BARRY RITHOLTZ: 'Where Are Goldman's Client's Going To Go, To The Choir Boys At Morgan Stanley?'

Barry Ritholtz, market commentator and CEO/Director for Equity
Research for Fusion IQ was just on Bloomberg
TV talking about the man of the hour, Greg Smith.

He said that a lof of what Smith talked about in his explosive
Goldman
Sachs resignation op-ed was common knowledge on the Street —
but so what?

"Where are Goldman's clients going to go, to to the choir boys at
Morgan
Stanley of the philanthropic organization known as Deutsche
Bank? Every derivatives desk is just like this. It's about
profits first. They sell complex, opaque products and that rarely
works in the client's favor... Once you go public, there's 1
rule, hit your quarterly numbers... or the street's going to
punish us."

"Genteel concepts" like firm culture, Ritholtz added, get lost in
the muck. But that isn't something Smith has to worry about
anymore. His piece gave Ritholtz the impression that he wasn't
just leaving Goldman, but the entire financial industry as well.